From: Lisec, Thomas R [thomas.r.lisec@lmco.com]
Sent: Monday, March 29, 2004 6:41 PM
To: rule-comments@sec.gov
Subject: S7-19-03
SEC Comissioners:
I would like to add my support for the passage of S7-19-03, the proposed reform
of the election of Board of Directors of publically held companies. I am a
stockholder, mutual fund owner and bond owner. I have been repeatedly
frustrated and disgusted at the manner of conduct of annual meetings of these
companies. The "good old boy" network is on obvious display and there is a
miniscule opportunity for any stockholder supported resolution to pass. The
proposed reform would permit a beginning of a process to "level the playing
field" and introduce the capability for stockholder interests to be represented
on the Board and at Annual meetings.
The "special interests" represented in the current Board selection process does
not begin to represent the true ownership and interests of the company. They
often have no meaningful investment of their own funds in the company.
This current selction process also places an unfair financial burden on any
potential candidate not promoted by the current Board. This reform would let
them get the same exposure under the same groundrules as incumbents or Board
supported nominees. The rule's adoption would help establish two important
rights: investor access to the proxy ballot and a meaningful shareholder role in
the voting.
Thanks,
Tom Lisec
303-971-4360 (phone)
303-971-7119 (fax)
thomas.r.lisec@lmco.com (email)